2 minute read
How to Grow Your Consulting Business in 2023
by Scott Gelbard | Feb 28, 2023 | Business, Entrepreneurship, Scott Gelbard
The greatest lesson learned by knowledge workers during lockdown was that earning money no longer meant working in an office. Over ⅓ of Americans reassessed their priorities and occupations due to the pandemic. Individuals began selecting flexible work environments to have more spare time and focus on side projects. As the once-novel idea of remote work became the new normal, many individuals turned to freelancing as a permanent career choice.
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In the US, there were 57 million independent contractors in 2017. This increased to 70 million in 2022. Over 90 million independent contractors will be working in America by 2028. Growing a business can be highly challenging. As an independent consultant, there is competition from other freelancers and consulting firms. After deciding what you want to specialize in, you need to select how to do it.
Team Up
For some individuals, using assistance might be a crucial development tactic. Remember that your time is essential and that spending it on things that prevent your company from producing a profit may happen more quickly than you would imagine. Gaining specialized knowledge or collaborating with another independent professional may boost your profitability by allowing you to concentrate on expanding your impact, market share, and income.
Employ Tech
You can do more with less by making your company more efficient. To increase your productivity, look for methods to automate routine chores. Use applications to manage social media posts, keep track of your hours, and make meetings positively affect your bottom line.
Become a Thought Leader
You will gain notoriety in your industry by becoming a thought leader. This can improve lead generation, strengthen brand positioning, and generate revenue. Consider producing original material, looking for speaking engagements, or organizing a training session to develop thought leadership in your community. Your platform might serve as a launching pad for further and better project prospects and an additional source of income for your company.
Widen Your Network
More prospects are one approach to expanding your independent firm. You can generate more business by making a targeted and ongoing effort in sales. Use client testimonials as social proof to help promote more sales by turning your customers into a sales force. Create and use a monthly marketing calendar to assist in guiding promotional activity.
Broaden Your Services
Specific sectors may offer better pay for independent consultants. Private equity, technology, healthcare, insurance, and retail are among them. Consider turning your expertise into a marketable product, such as a book, online course, or webinar. Next, utilize your new product to expand into other areas or as a lead generator to create longer-lasting relationships. Upsell new services to current customers using logical enhancements to the services you presently provide. Develop a product or certification system to educate people about what you do. Your company and thought leadership platform will flourish as a result.
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